The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-05-23

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treasury will be from the sale Of
&,5O0,000 Of the company's stock
which will soon be paced on the
market. This will give fund of
$250,000 in cash. This will be spent
on the sawmill, the natural gas ma
chinery, the hotel, furnace and
probably a few brick buildings.
The policy of the company
is to hod its stock back as
long a. possible. When necessary, an
additional block will be sold and used
in improving the properly. Ssrsnu-
oue efforts will be used and induce
ments offered to get manufacturers
and other enterprises 10 come to Grand
Rivers.
The sale OF lots will not take place
until the grounds about Grand Rivers
are already bristiing with smoke
stacks. When every evidence OF
growing and thrifty town is on hand,
day will be set for the sale Of lots.
This will be thoroughly advertised. 1t
is reasonable to expects larger crowd
than that which has attended any of
the recent sales. A boat from st.
Louis, one from Memphis, one from
Cincinnati and one from Nashville
will probably be chartered and will re-
main at the wharf until the sale is
closed. This, with the hotel, will af
ford ample accommodation for all who
may attend. All stock paid in for lots
viii be cancelled.
POLICY TOWARD MERCHANTS.
in order to get the town started in
the right direction, the company ex.
pect to use a part of its capital in ex-
tending credit to the first few who'll
sale merchants who tettle there. This
will be loaned for a period OF years
without interest, and will be secured |
by a lien on the buildings and fixtures. |
A lot will be donated and money ad-
vanced to build brick building, say
80 per cent of cost, and this will be |
paid for in monthly installments. |
This, OF course, will only be extended |
to the proper persons, and only for a |
few years. The company desire to
lave q wholesale tobacco ms reliant,
wholesale grocer and wholesale
hardware dealer the first Of all.
THE ooMPANY's INvEsTNKNTs.
AS said above, the first moneys ex.
pended by the company will be more
with view to expanding and estab-
fishing the town than to achieve reve-
nue.. Among the first revenue invest
ments it will make will be several
faets of towbosts and barges and the
necessary machinery and outfit TO get
out cement, gravel, coal and iron ore.
A large furnace will at once be estab-
lished. The first shipment of pig iron
will be made to Plttsburg, and the pro-
motors of the enterprise expect to cre-
a.e sent alton when it offers its fist
output in the Pitisburg market and
advertises for future contracts at the
sans price and of the same quality.
After all the stock is sold, which will
not be for several years, the company
expect TO have at least 100000 in
the treasury and less than 100000
in stock outstanding. The canal will
be built probably by bonding 1t. II
this cannot be done, the company will
build it out OF its own funds. The
money of the company will be judici-
ously expended, and all speculative
expenditures will be rigidly avoided.
The entirs capital stock has been
issued ss paid up stock to the holders
OF the land, with whom this company
has entered into a contract to develop
the property substantially as follows:
The landholders are to retain, say
$5,000,000 OF the stock, agreeing not to
place their stock on the market until
the company, acting for them, has
placsd $7,5OO,00O of stock at not less
than $40 per share; the proceeds of
$2,5O0,000 of the stock to be devoted
to development purposes; the pro-
ceeds of the other 5000, 900 Of the
stock and such additional stock Of the
lsndholders as may be necessary to be
used In completing the title to the
land. In case the amount subscribed
shall be more than $500, GOO, then
the excess shall come out Of the stock
of the landholders, and not out Of the
stock in the treasury OF the company,
which is 81, 500,0 1t is not probable
thia treasury stock will ever be put on
the market, as the proceeds Cf the
compsny's lands, it is believed, will
answer for future development pur-
posee, and the treasury stock will be
divided pro rata among the stockhold-
ers or cancelled.
The sources OF revenue OF the com.
pany will DO sale of pig iron, ore, ce.
ment gravel, of which immense beds
are on the compsny's property, coal,
fuor spar, lumber, charcoal a I'D coke.
besides this, the sale of lots, which is
about the only source Of revenue OF
other companies, it is expected with
judicious management of the money
In the treasury and tie proper i'm
provement If the property to produce
revenue which will render unnec-
essary any further sale of stock. II
inexhaustible quantities OF iron ore,
limestone, cement gravel, potters'
clay, huor spar, fine agricultural lands,
timber, high rolling country we'll
drained and supplied with good free
stone water, two rivers and two rail-
roads can make an enterprise success.
full, this will be more successful than
anything OF the kind ever before in
augurated. The projectors have acted
liberal part, and look for their profits
in the general success of all.
A striking feature in this enterprise
is the fact that the stock receivable
at par for all lands and lotssiold by the
company. All stock 60 paid will be
Cancelled. This will act as an induce
ment to bona fide investors, and will
have an instantaneously good result
on the general prosperity Of the COM
pany. There will be no sale OF lots
until the property has been extensively
improved.
The cite of the town will be laid off
and plotted and buildings will be
erected at once. No sale Of lots will
take place before one year.
The stock books are now open in
Nashville, Memphis, Louisville, Ky,
Chicago, ILL.,, and Erie, Pa. Those who
desire to purchase will please call at
the Safe Deposit, Trust and Banking
Company. Anyone at distance can
purchase this stock by depositiug with
any bank the cash payment and tele-
graph the Safe Deposit, Trust and
Banking Company Of Nashville, Tenn,
to enter their names.